United Kingdom trade groups urged the UK government to include blockchain technology in the “Tech Bridge” technology collaboration with the United States.
A dozen UK trade groups representing the finance, technology and crypto industries made the request in a joint letter seen by Cointelegraph and addressed to UK Business Secretary Peter Kyle and Economic Secretary to the Treasury Lucy Rigby.
According to the document, distributed ledger technology should be a “core strand” of the UK-US tech collaboration ahead of next week’s visit by US President Donald Trump.
The initiative follows Trump's embracing of blockchain technology and cryptocurrencies during his second term in the White House. The letter reads that “excluding digital assets from the UK-US Tech Bridge would be a missed opportunity,” and adds:
“It risks leaving Britain on the sidelines while others — particularly in the Middle East and Asia — move ahead in setting the standards that will shape the future of finance.”
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Big plans, possible obstacles
Among the letter's authors are the UK Cryptoasset Business Council (UKCBC), UK Finance and TheCityUK. The document highlights the importance of distributed ledger technology, noting that it “represents a technological transformation,” and adds:
“Alongside other emerging technologies, it is driving the next generation of financial services and infrastructure - improving capital flows, facilitating faster and cheaper payments, driving efficiencies and productivity, and widening financial inclusion.”
Simon Jennings, UKCBC executive director, told Cointelegraph that the trade group would like to “establish a transatlantic corridor for payments in stablecoins” between the two countries. Other ambitions include joint support for “the tokenization of traditional financial instruments” and developing “deep liquidity in transatlantic cryptoasset markets.”
Jennings said Trump has confirmed his attendance, though there are rumors the visit could be canceled or postponed because of Charlie Kirk’s funeral. Kirk was an ally of Trump and a conservative influencer who was assassinated during a debate earlier this week on a US university. He said:
“I acknowledge that domestically this tragic event is extremely important to him and the wider administration.“
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UK’s push for blockchain technology
Similar initiatives have recently surfaced in the UK. Earlier this month, a public petition calling for a pro-innovation strategy for blockchain and stablecoins gained additional momentum after crypto exchange Coinbase pushed notifications to its users.
According to an August report, a quarter of British adults are open to cryptocurrencies in retirement plans.
Crypto access for those who are less tech savvy is also likely to soon get easier with the United Kingdom’s financial regulator’s lift of a ban on crypto exchange-traded notes for retail investors, taking effect from Oct. 8.
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